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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
 Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and more resilient than that of ordinary steel mills, whose products are commoditised.
Chinese steel mills suffered razor-thin margins in 2011-2013, due to limited bargaining power in raw material costs and industry-wide overcapacity. The per ton profit margin of ordinary steel products, mainly rebar and wire rods used by construction industry, dropped to below CNY150 during the bottom of the industry cycle in 2011 from close to CNY300 in 2010, and has remained around this low level since.
Based on discussions with industry participants, Fitch has found that the metal spread per ton could be more than CNY400 for certain high-end special steel products for specific clients, which is significantly higher than ordinary steel.
Although there has been a mild margin increase in 2014 due to lower iron ore and coking coal prices, the fundamentals of Chinese steel mills, especially the small and mid-scale companies with low value-added products, are still weak.
Special steel products are different from ordinary steel in terms of chemical composition and mechanical properties. The prices of special steel products, such as bearing steel and large molded ingots, are more of a function of quality control, tighter tolerance and finer processing than the steel alloy content. The production of special steel requires more advanced technology and production facilities, relatively long production periods and large capital investment.
The prices of mid- to low-end special steel products still move in line with industry-wide price changes, which impacts Chinese special steel producers who mainly make low- to mid-end products. However, the prices of high-end products are much less volatile because they are used in high-tech or high-margin downstream industries, such as marine engineering, high-end auto production, high-speed rail and even national defence.
The Chinese steel industry has potential to move further up the value chain. In developed countries, the special steel industry developed rapidly once the traditional steel industry reached a mature stage. As at end-2013, special steel production accounted for only 6.1% of China's total crude steel output, while the same ratio was 55.0% in Sweden, 22.5% in Germany and 18.8% in Japan.
Buyers of high-end special steel products usually have specific requirements and typically will sign contracts with producers that include a negotiated price and a certain portion of prepayments, both of which are positive for the producer's profitability and cash flow position. Special steel makers' profitability, especially for high-end producers, has the potential to rise above the steel industry average. In the Chinese government's development blueprint for the five-year period to 2015, high-end special steel products have been categorised as refined products under the steel industry, which means that the segment would receive government support. At the same time, the enormous scale and rapid development of China's automobile and engineering machinery industries will underpin demand for special steel.
The key risks to the special steel industry include 1) weaker demand due to slower-than-expected economic growth, 2) faster-than-expected special steel production expansion that will generate overcapacity in the coming years, and 3) volatility in prices of commoditised steel products, which will impact prices for low- to mid-end special steel products.
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Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
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- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
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